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European enterprises of the luxury market continue to employ and make investments.
After the fall of the Lehman Brothers and the bursting of the USA real estate bubble that caused the collapse of the American financial system, growth has stopped and the whole world still finds no answer to this.
The financial system, true vital fluid for the economy, managed to avoid widespread bankruptcy; each productive sector is likely to find the solutions that best suit its tradition and current political balance.
As for the luxury sector, Europe is definitely on the front line. Luxury traces its legitimacy to the history of Versailles, Venice and Florence.
There is no doubt that the luxury industry illustrates the European genius better than any other. The art of living has always made mankind dream, thus Europe can continue to export its magnificent artisanal products all over the world.
A depressed economic trend combined with structural upheavals which have not been estimated yet, poses a challenge to the governments of the whole world. Such concerns should be coordinated within the works of G20.
